BANGKOK, May 7 (Xinhua) -- Thailand's export value is expected to expand 1 percent to 2 percent this year, unchanged from the previous projection, weighted down by ongoing geopolitical tensions and concerns over high production costs, the Thai National Shippers' Council (TNSC) said on Tuesday.
Export, a key driver of the Southeast Asian country's economic growth, is projected to grow up to 291.63 billion U.S. dollars in 2024, supported by a forecasted 10-percent increase year-on-year in rubber shipments due to rising demand and prices, the TNSC said in a statement.
The kingdom's food export is expected to increase by 2-3 percent from a year earlier, driven by growing demand from new markets, including the Middle East, while automotive product shipments could also expand by 2-3 percent, said TNSC chairman Chaichan Charoensuk.
Despite a 10.9-percent decline year on year in the March export, the shipment value for the whole first quarter of 2024 inched down 0.2 percent to 70.99 billion dollars, according to the Thai Ministry of Commerce.
The council expressed concerns over the government's plan to increase the national minimum wage, noting that effective cost management is crucial for Thai businesses to maintain their competitive edge in the face of a global economic slowdown, Chaichan told a news conference. ■
